EURUSD Forecast – Bulls Holding The Price In Bullish Territory

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Jan 23, 2021 at 9:33 AM EST

We need to wait and see what the price will do.

Last week I pointed out the price of EURUSD could reach $1.20800 level and bounce back to $1.21793. The price indeed reached $1.20800 and bounced on Monday back up.

In the middle of the week price found sellers pressure so it returned back down to $1.20800. From there sellers have cashed out and buyers took the second turn to move higher.

By the end of the week the price had reached the $1.21793 level where it stopped and made a bearish signal - Friday, when the market prepares for the weekend which means traders are getting out from their trades.

Those were buyers who took the profits from this bounce that started from $1.20800.

For the next week I am waiting for the price to make a move. If the price closes on a daily basis above $1.21793 I am expecting to reach $1.22700 level where it could find resistance.

From there we could see pullback down to $1.21793.

If the price does not manage to close above $1.21793 we could see the price moving down to $1.20800. There we need to wait what the price will do. Will it break below and target $1.20000 or will it stay inside the uptrend channel where currently is.

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